After the breach below the neckline of the triple top pattern at 1308.42 levels on , you can observe the tumbling of gold prices until 1266.77 levels where we are not seeing any strong support nor even any substantiation from any technical indicators.
So, ongoing upswings are not to be deemed as buying opportunities for long-term investors as we foresee more slumps to be evidenced on the break below the neckline.
On , 7DMA crosses below 21DMA which is again a sell signal.
On monthly plotting, occurred at peaks (1315.55 levels) of the intermediary trend.
Current prices drifting below 7EMA after the rejection of stiff resistance at 1385.
Current prices slid below 7EMA, more slumps likely up to 1243 (i.e. the collapse up to 21EMA).
Both leading oscillators on daily and monthly terms signal intensified selling momentum. , curves have been powerful in suggesting the current to prevail as they reached oversold territory but no trace of recovery on EOD charts.
While on daily terms remains in the trajectory that is likely to drag down further.
Aggressive speculators relying on intraday sentiments can participate in these swings using one touch binary calls for targets up to 1275 levels.